Fashion Industry Will Be One Of Nigeria’s Biggest Sources Of Revenue – Osinbajo

A file photo of Vice President Yemi Osinbajo
A file photo of Vice President Yemi Osinbajo

 

 

Vice President Yemi Osinbajo is projecting that the fashion industry will be one of the biggest sources of revenue to the country in the near future.

“The fashion industry will be one of Nigeria’s biggest sources of revenues and I can assure you, it will be much bigger than all that we see today,” Osinbajo said on Friday at the virtual commissioning of the Fashion Cluster Shared Facility for MSMEs, the Eko Fashion Hub 1, in Lagos State.

“The scheme itself covers a wide range of shared facilities of various kinds. But this one, the fashion hub, is the latest example and it seeks to provide high-quality operating equipment which more businesses can access at a reasonable cost within a conducive space.”

While disclosing that the fashion hub will service three hundred and eighty MSMEs daily, Osinbajo explained that the ripple effects of the shared facility will be felt massively by businesses, especially those around it.

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“The facility will generally help in reducing the operating cost for users, allowing them to invest their savings in expanding their businesses and hiring more staff,” the 63-year-old Professor of Law and former Head, Department of Public Law, University of Lagos, added.

A Deep Commitment 

Although the former Lagos State Attorney General and Commissioner for Justice admitted that 2020 has been a rough one due to the COVID-19 pandemic, he assured that the Federal Government is deeply committed to helping MSMEs.

“As we all know, MSMEs are the engine of the Nigerian economy. When they strive, the economy strives; when they struggle, the economy struggles,” Osinbajo stressed.

“This is why the Federal Government is deeply committed to ensuring that we incrementally create the best possible environment for MSMEs to do well.

“The administration is doing this in various ways from improving access to credit through the Central Bank, Development Bank of Nigeria and others.”

Osinbajo who in June this year virtually commissioned and handed over the 200,000-capacity Yam Storage Facility at the Zaki Biam International Yam Market in Benue State, disclosed that there are plans to establish more Shared Facilities in other parts of the country.

“We are doing all these to support MSMEs across the country to maintain their staffing levels and keep their businesses afloat through these very challenging times,” he explained during the event.

FG Approves $20m Tech Fund For Young Innovators

 

The Federal Government on Tuesday approved the sum of $20million technology fund for young innovators.

The sum was set aside by the Bank of Industry (BoI) in furtherance of the Buhari administration’s drive to support Micro, Small and Medium Enterprises (MSMEs).

This was disclosed by the Senior Special Assistant to the President on Media and Publicity, Laolu Akande.

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He added that this was the outcome of a meeting at the presidential villa in Abuja, which was presided over by Vice President Yemi Osinbajo to review progress on the Buhari administration’s efforts to support MSMEs.

According to Akande, the Central Bank of Nigeria (CBN) is also offering a N90 Billion soft loan facility for small scale agriculture enterprises.

He added that the National MSMEs clinics driven by the Vice President has now reached 26 States, with more clinics to come in the series.

Also, the National Agency for Food and Drug Administration and Control (NAFDAC) is now poised more than ever to register more Nigerians venturing into the food and drug businesses.

All Federal Government agencies playing one role or the other in the MSMEs sector attended the meeting.

Imo Govt. Attracts N1bn To Support MSMEs

Imo Govt. Attracts N1bn To Support MSMEsThe Imo state government has hinted that the disbursement of the 1 billion naira Central Bank loan to operators of Micro, Small and Medium Enterprises in the state will commence soon.

According to the state’s Commissioner for Planning, Mr. Iyke Njoku, the loan which will be repaid between a period of one to three years is geared towards supporting MSMEs in the state.

Imo Govt. Attracts 1bn Naira From CBN To Support MSMEs

Imo, CBN, MSMEs, Rochas Okorocha,The Imo State government says it will commence the disbursement of one billion naira to operators of Micro, Small and Medium Enterprises (MSMEs) in the state.

The State government had applied for two billion naira, but got the approval for one billion naira after the Central Bank of Nigeria (CBN) had announced that it has earmarked 200 billion naira for MSMEs.

The disbursement plan was disclosed by the state’s Commissioner for Planning, Mr Iyke Njoku, during an interactive session with journalists in Owerri, the Imo State capital in southeast Nigeria.

The commissioner, who is also the Chief Economic Adviser to the State Governor, Mr Rochas Okorocha, explained that the loan was obtained from the apex bank to boost and support MSMEs in the state.

He hinted that the loan was expected to be repaid within a period of one to three years.

Mr Njoku, however, said that the loan would be strictly monitored by the state government to ensure it was not diverted from the purpose it was meant for.

Lawmakers Promise More Support For Nigerian SMEs

Lawmakers Promise More Support For Nigerian SMEsPaucity of funds and lack of business registration have been identified as perennial challenges to Small and Medium Scale Enterprises in Nigeria.

Director General of Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Dr Umaru Radda, brought this to the fore while briefing the House of Representatives Committee on Industry during an oversight visit to industrial development centres in Lagos state.

Experts have identified small and medium scale enterprises as having the potential to boost any dwindling economy and the Nigerian authorities have been looking to SMEs as a way of reviving the economy.

The Director General of SMEDAN gave a situation report to the delegation from the National Assembly on the state of MSMEs in Nigeria and their budget performance in the current year.

After the briefing, the delegation moved to the Industrial Development Centre (IDC) in Ikorodu area of the state which is one of the 23 IDCs across the country.

There, most of the facilities are dilapidated from lack of use with most of the equipment, gathering dust.

The Chairman, House Committee on Industry, Mr Abubakar Moriki, then promised to turn the tide of the entrepreneurs by reviving the IDC.

The lawmakers succeeded in boosting the confidence of the entrepreneurs there that soon, the IDCs across the country would be revived.

Recession: Obiano Suspends Minor Taxes In Anambra

Anambra, Obiano, Taxes, RecessionAnambra State Governor, Willie Obiano, has suspended payment of numerous minor taxes in the state, announcing that the directive will take immediate effect.

In a broadcast at the Governor’s Lodge in Amawbia, southeast Nigeria, he said the decision followed the announcement of the Federal Government that the nation’s economy had gone into recession.

The Governor noted that his administration was aware of the difficulty the economic crisis had posed to the people of the state.

Four Intervention Stimulus

He said the state government had come up with a “four-intervention stimulus package”, to ease the pain of recession and its impact on the people in the grassroots majorly.

Governor Obiano identified the first part of the four key areas of intervention as the “Tax Relief Programme” in which various minor taxes would be suspended.

The second is the “Special Intervention Programmes for Small and Medium Enterprises and Large Enterprises” where the state government, under the Anambra Small Business Agency (ASBA), would provide the agency with a minimum of three billion Naira to lend to SMEs and MSMEs at nine per cent interest rates across key sectors.

Under the third intervention, which is the “Social Intervention Programme”, the government would provide the sum of 3.6 billion Naira to fund the ongoing 20 million Naira “Choose-Your-Project Community Programme” in all the 179 communities in the state.

The last programme is the “Infrastructure Intervention for Job Creation” in which the government would fund the development of 500 hectares of land in all agrarian communities across the three senatorial zones for commercial agricultural purposes among other measures.

Governor Obiano believes that Anambra State has the manpower, the material resources and the willpower to turn the looming despair and suffering to hope and prosperity for its people.

GDP Contracted In second Quarter

Nigeria’s economic recession had become obvious few weeks ago, after a report by the National Bureau of Statistics showed that the Gross Domestic Product had contracted by 2.06% in the second quarter of 2016.

According to the report, the decline has caused the Naira to get weaker while lower oil prices dragged the oil sector down.

The output shrunk by 0.36 in the first quarter.

During the quarter, nominal GDP was 2.73% higher at 23.48 million Naira at basic prices.

Earlier on Tuesday, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) retained all key indicators.

The CBN Governor, Mr Godwin Emefiele, read a communique, announcing decisions reached at its September meeting in the nation’s capital, Abuja.

The committee agreed to keep the Monetary Policy Rate at 14 percent, the Cash Reserve Ratio at 22.50 percent and the Liquidity Ratio at 30 percent.

Cross River Government Woos Investors, Commissions BOI Office

Cross River Government Woos Investors, Commissions BOI OfficeCross River State Governor, Ben Ayade, has expressed the determination of his administration to create an enabling environment for private investors to do business in the state.

The Governor, who was represented by his Deputy Governor, Ivara Esu, disclosed this at the commissioning of the Bank Of Industry (BOI) office in Calabar, the Cross River State capital in south-south Nigeria.

According to Governor Ayade, the commissioning of the office in Calabar was a clear indication of an enduring partnership that would have a huge impact on the state’s industrialisation drive, job creation, economic development and sustained socio-economic growth.

He assured the bank of unreserved support of the state government to enable it operate effectively in the quest of the state to achieve economic transformation.

Managing Director of BOI, Mr Rasheed Olaoluwa, disclosed that with this strategic and visionary initiative, the Micro, Small and Medium Enterprises (MSMEs) in Cross River State now have access to BOI’s development finance and business advisory services.

According to him, the establishment of the state office would further strengthen the existing partnership between BOI and the Cross River State Government and improve their service Turn-Around-Time to their customers.